Crypto-asset service provider licence under MiCA (Latvia)
The Crypto-asset service provider licence under MiCA in Latvia is granted by Latvijas Banka under Regulation (EU) 2023/1114 and the national Law on Crypto-asset Services. It authorizes crypto custody, exchange, trading platforms, and advice across all 30 EU/EEA states via passporting. Obtaining authorisation requires EUR 50,000 to EUR 150,000 minimum capital, local substance, and DORA compliance, with a statutory decision period of 40 working days following completeness.
At a glance
| Official name | Crypto-asset service provider licence under MiCA1 |
|---|---|
| Local name | Kriptoaktīvu pakalpojumu sniedzēja darbības atļauja |
| Also known as | CASP · Latvian CASP licence · Latvijas Banka CASP licence |
| Issued by | Latvijas Banka |
| Jurisdiction | Latvia |
| Licence family | Crypto-asset service provider (MiCA CASP) |
| Legal basis | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), Art. 59, 62, 632 Law on Crypto-asset Services (Kriptoaktīvu pakalpojumu likums)3 Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (TFR)4 |
| Passporting | EU/EEA passport available: Crypto-asset service providers authorised in Latvia by Latvijas Banka have the right to provide crypto-asset services across all 30 EU and EEA member states, either through the free provision of services or by establishing a branch, upon submitting a cross-border notification under MiCA Article 65.1 |
| Minimum capital | EUR 50,0001 |
| Application fee | EUR 2,5001 |
| Annual fee | up to 0.6% of gross revenue per calendar year (minimum EUR 3,000)1 |
| Statutory decision time | 25 working days completeness review, followed by 40 working days decision period under MiCA Art. 631 |
| Public register | official register5 |
| Current holders | 105 |
What it lets you do
| Custody and administration of crypto-assets | Safekeeping or controlling crypto-assets, or the means of access to them such as private keys, on behalf of clients. |
|---|---|
| Operating a crypto-asset trading platform | Managing a multilateral system that brings together buying and selling interests in crypto-assets so that contracts are concluded. |
| Exchange of crypto-assets for funds | Buying or selling crypto-assets against fiat money using the provider's own capital. |
| Exchange of crypto-assets for other crypto-assets | Concluding contracts with clients to swap one crypto-asset for another using the provider's own capital. |
| Execution of orders for crypto-assets on behalf of clients | Concluding agreements to buy or sell crypto-assets on behalf of clients, including subscribing to offers. |
| Placing of crypto-assets | Marketing crypto-assets to purchasers on behalf of or for the account of the offeror or a related party. |
| Reception and transmission of orders for crypto-assets | Receiving a client's order to buy or sell crypto-assets and passing it to a third party for execution. |
| Advice on crypto-assets | Giving personalised recommendations to a client about transactions in crypto-assets or the use of crypto-asset services. |
| Portfolio management of crypto-assets | Managing portfolios that include crypto-assets on a discretionary, client-by-client basis under a mandate. |
| Transfer services for crypto-assets | Moving crypto-assets on behalf of a client from one distributed-ledger address or account to another. |
Where it is valid
Requirements
| Requirement | What is needed | Legal reference |
|---|---|---|
| Capital and people assessed | ||
| Minimum capital | EUR 50,0001 | |
| Ongoing own funds | A CASP must at all times maintain own funds equal to at least the highest of the permanent minimum initial capital requirement (EUR 50,000, EUR 125,000, or EUR 150,000) or one quarter (25%) of the fixed overheads of the preceding year. Own funds must consist of Common Equity Tier 1 (CET1) items under CRR Articles 26-30. Prudential safeguards for non-Class 3 CASPs may partially be met by an approved professional indemnity insurance policy under Article 67(4).2 | MiCA Article 67(1) CRR Articles 26-30 Article 67(4) |
| Who is assessed | Latvijas Banka assesses the fitness and propriety of members of the management body (board of directors, executive managers), key function holders (Compliance Officer, AML/CFT Officer / MLRO, Risk Officer), and any natural or legal persons holding qualifying direct or indirect holdings of 10% or more of share capital or voting rights, or exercising significant influence, including intermediate and ultimate beneficial owners (UBOs). Assessment evaluates good repute, absence of criminal convictions (via official Punishment Register certificates), professional education, relevant experience, financial soundness, and adequate time commitment under MiCA Article 68 and Latvijas Banka Regulation No. 241.1 | MiCA Article 68 |
| Substance and people | ||
| Registered office and place of effective management in the EU / Latvia | A CASP must be incorporated in the EU, maintain its registered office in Latvia where it carries out at least part of its crypto-asset services, and have its place of effective management within the EU, with at least one executive director / governance member resident in the EU.1 | MiCA Article 59(2) |
| Fit and proper management body and AML/compliance officers | Members of the management body (board) and shareholders holding 10% or more must be of good repute, appropriate education and professional experience, and have no criminal convictions (verified via statements from the Punishment Register / Sodu reģistrs) under MiCA Article 68 and Latvijas Banka Regulation No. 241. Key function holders (Compliance Officer, AML/CFT Officer / MLRO) must be appointed, and staff providing crypto consultations must demonstrate certified knowledge and competence under Section 4(4) of the Law on Crypto-asset Services.1 | MiCA Article 68 Section 4(4) |
| Safeguarding and segregation of client crypto-assets and funds | CASPs must implement adequate arrangements to safeguard ownership rights of clients and ensure segregation of client crypto-assets and funds from proprietary assets. Client fiat funds must be placed in a segregated account at an authorised credit institution or Latvijas Banka. CASPs are strictly prohibited from using client crypto-assets or funds for their own account.1 | MiCA Article 70 Section 5(2) |
| ICT security and operational resilience (DORA compliance) | CASPs must maintain robust ICT systems, comprehensive emergency business continuity plans, and cybersecurity controls in accordance with Regulation (EU) 2022/2554 (DORA) and MiCA Article 68(6), including detailed technical documentation, risk management of third-party ICT service providers, and major incident notification mechanisms.1 | MiCA Article 68(6) |
| Internal control, risk management, and AML/CFT framework | Applicants must establish a comprehensive internal control and risk management system, including administrative, accounting, and risk policies to identify, assess, and manage operational and financial risks, as well as an AML/CFT/CPF internal control framework conforming to Latvia's AML/CFT Law and Sanctions Law.1 | |
| Complaint handling and outsourcing oversight | CASPs must establish and maintain transparent and effective policies for prompt, fair, and free handling of customer complaints under MiCA Article 73, and adhere to strict outsourcing policies and procedures ensuring that delegating operational functions to third parties does not impair internal controls or regulatory supervision.1 | MiCA Article 73 |
| Conditions to keep the licence | ||
| Activity commencement deadline | Latvijas Banka may withdraw the CASP authorisation if the provider does not make use of the authorisation within 12 months of the date on which it was granted.2 | MiCA Article 64(1)(a) |
| Dormancy revocation | Latvijas Banka may withdraw the CASP authorisation if the provider has ceased providing crypto-asset services for 9 consecutive months, or has expressly renounced its authorisation.2 | MiCA Article 64(1)(b) |
| Segregation of proprietary and client assets | CASPs must ensure strict segregation between client crypto-assets or fiat funds and proprietary assets, and are prohibited from using client assets for their own account.2 | MiCA Article 70 Section 5(2) |
| Prohibition of proprietary trading on operated platforms | Operators of crypto-asset trading platforms are prohibited from dealing on own account on the trading platforms they operate, even where authorized for exchange or order execution services.2 | MiCA Article 76(5) |
| Market abuse prevention and detection | CASPs must establish and maintain effective arrangements, systems, and procedures to prevent and detect insider dealing, unlawful disclosure of inside information, and market manipulation, reporting suspicious orders or transactions immediately to Latvijas Banka.2 | Articles 86-92) Section 7 |
| Ongoing supervisory notification and performance reporting | CASPs must immediately inform Latvijas Banka of any material changes in circumstances, management, or shareholding structures, and regularly submit operational performance and financial reports via Latvijas Banka's data reporting system.3 | Section 5(1) Section 4(2) MiCA Article 68 |
Cost
How long it takes
Statutory: 25 working days completeness review, followed by 40 working days decision period under MiCA Art. 631. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
Buying a company that already holds it
The licence is attached strictly to the specific legal entity to which Latvijas Banka granted authorisation and cannot be assigned, transferred, or sold to another entity. Transfer of ownership or control can only be effected through the acquisition of shares in the licensed corporate entity (share deal), subject to prior notification and qualifying holding assessment by Latvijas Banka under MiCA Articles 83-84 and Latvijas Banka Regulation No. 241. An asset purchase or business portfolio transfer requires the purchasing entity to apply for and obtain its own separate CASP authorisation.1
Prior notification with an objection period. Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or causing the entity to become a subsidiary, requires prior notification to Latvijas Banka under MiCA Articles 83-84 and Latvijas Banka Regulation No. 241. The assessment period is 60 working days from receipt of a complete notification, interruptible once by up to 20 working days (or 30 working days for non-EU acquirers) to request supplementary documents; if Latvijas Banka does not oppose within the period, the acquisition is deemed approved.2
Ready-made companies holding this licence: see verified positions.
CASP in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Cyprus | Notification by financial entities providing crypto-asset servicesNotification by financial entities providing crypto-asset services under MiCAR Article 60 | CySEC | n/a | EUR 10,000 | ~1.8 mo |
| Cyprus | Crypto-Asset Service Provider (CASP) authorisationCrypto-Asset Service Provider (CASP) authorisation under MiCAR Article 63 | CySEC | EUR 50,000 | EUR 5,000 | ~1.8 mo |
| Czech Republic | Crypto-Asset Service Provider authorisationCrypto-Asset Service Provider authorisation under MiCA and Act No. 31/2025 Coll. | CNB | EUR 50,000 | CZK 20,000 | ~3 mo |
| Estonia | Authorisation to operate as a crypto-asset service providerAuthorisation to operate as a crypto-asset service provider under MiCA | FI | n/a | EUR 3,000 | ~3.9 mo |
| France | Crypto-asset service provider authorizationCrypto-asset service provider authorization under EU MiCA Regulation | AMF | n/a | n/a | ~1.8 mo |
| Germany | Crypto-asset service provider licence | BaFin | n/a | n/a | ~1.8 mo |
| Ireland | Crypto-Asset Service Provider Authorisation | CBI | n/a | n/a | ~1.8 mo |
| Italy | Crypto-asset service provider (CASP) authorization | CONSOB | n/a | EUR 20,000 | ~1.8 mo |
| Latvia | Crypto-asset service provider licenceCrypto-asset service provider licence under MiCA | LB | EUR 50,000 | EUR 2,500 | ~3 mo |
| Lithuania | Crypto-asset service provider licence | LB | EUR 50,000 | EUR 2,425 | ~3 mo |
| Luxembourg | Crypto-asset service provider authorisationCrypto-asset service provider authorisation under MiCA Regulation | CSSF | n/a | EUR 30,000 | ~1.8 mo |
| Malta | Crypto-Asset Service Provider authorisationCrypto-Asset Service Provider authorisation under Regulation (EU) 2023/1114 | MFSA | EUR 50,000 | EUR 10,000 | ~1.8 mo |
| Netherlands | Crypto-Asset Service Provider (CASP) authorisationCrypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA) | AFM | EUR 50,000 | EUR 200 | ~3 mo |
| Poland | Crypto-Asset Service Provider authorizationCrypto-Asset Service Provider authorization under MiCA | KNF | EUR 50,000 | n/a | ~3 mo |
| Slovakia | Crypto-asset service provider licenceCrypto-asset service provider licence under MiCA | NBS | EUR 50,000 | EUR 1,700 | ~3 mo |
| Spain | Crypto-asset service provider authorization | CNMV | n/a | n/a | ~1.8 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Markets in Crypto-Assets Regulation: Regulation (EU) 2023/1114
- Transfer of Funds Regulation (travel rule): Regulation (EU) 2023/1113
Getting this licence
Protegra handles this licence end to end: CASP license in Latvia: process, timeline and our fee.
Frequently asked questions
Can a Latvian-licensed CASP passport its crypto services across the European Union?
Yes. Under MiCA Article 65, a CASP authorised by Latvijas Banka can passport its services across all 30 EU and EEA member states without separate local licences. The firm submits a cross-border notification to Latvijas Banka detailing intended services and target jurisdictions, which Latvijas Banka transmits to host national competent authorities within 10 working days.
What are the minimum capital requirements for a MiCA CASP licence in Latvia?
Initial capital requirements are set by MiCA Article 67 and Annex IV according to permitted services. Class 1 services require EUR 50,000, Class 2 custody requires EUR 125,000, and Class 3 trading platforms or dealing on own account require EUR 150,000. CASPs must continuously maintain own funds exceeding the higher of initial capital or 25% of annual fixed overheads.
What fees does Latvijas Banka charge for licensing and supervising CASPs?
Applicants pay a statutory application examination fee of EUR 2,500 to Latvijas Banka under Section 6(1) of the Law on Crypto-asset Services. Authorised CASPs pay an annual supervisory financing fee under Section 6(4) of up to 0.6% of gross revenue derived from crypto-asset services, subject to a statutory minimum of EUR 3,000 per calendar year.
What is the statutory timeline for obtaining a MiCA CASP licence from Latvijas Banka?
Under MiCA Article 63, Latvijas Banka conducts a 25-working-day completeness assessment upon receiving the application. If incomplete, the regulator sets a deadline to remedy deficiencies. Once the application is certified complete, Latvijas Banka has a statutory deadline of 40 working days to decide on granting or refusing authorisation. Latvijas Banka also provides free pre-licensing consultations.
What substance and governance requirements apply to CASPs in Latvia?
A CASP must have its registered office and place of effective management in the EU, with at least one director resident in the EU, operating in Latvia. Management and qualifying shareholders must pass fit-and-proper vetting. The entity must enforce DORA ICT operational resilience, segregate client assets in designated accounts, and maintain compliant AML/CFT and complaint-handling frameworks.
What rules apply to a change of control or acquisition of a qualifying holding in a Latvian CASP?
Any person proposing to acquire or increase a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% in a licensed CASP must submit prior notification to Latvijas Banka under Latvijas Banka Regulation No. 241 and MiCA. The regulator assesses acquirer reputation, financial soundness, and AML risk within a statutory assessment period of 60 working days, interruptible for additional documentation.
Sources
- bank.lv: crypto asset service providers · retrieved 2026-09-24
- EUR-Lex: CELEX 32023R1114 · retrieved 2026-09-24
- Latvian legislation portal (likumi.lv): 353012 · retrieved 2026-09-24
- EUR-Lex: CELEX 32023R1113 · retrieved 2026-09-24
- bank.lv: market participants · retrieved 2026-09-24
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